At the moment, Odibets, Betika, Shabiki and other betting sites operating in Kenya are taxing 20% on the winnings, but 1XBET does not charge the tax. For those who need 100% accurate predictions from any website, you can join our VIP category of Ksh2,000 per month, Ksh1,100 for two weeks or Ksh550 for one week.
The Best Betting Sites Without Tax in Kenya. Posted at 19:59 on 10/07/2021. freebetke. 0.
These punters were using International betting sites to bypass paying taxes. IXBET is an example of the betting sites the punters were using. The betting site had no withholding tax but the government had closed down the company’s pay bill number so punters could not deposit via either M-Pesa or Airtel Money.
Sports betting winnings are considered taxable income and must be reported each year. According to the Internal Revenue Service, it is your responsibility to keep track of sports betting wins and losses and to enter the appropriate amounts on your annual tax returns. This guide addresses several sports betting tax questions.
Whether sports betting is legal in the state where you place your bet doesn’t matter to the IRS. If you win, you have taxable income, which should be reported when you file your tax return. These rules apply only to casual sports bettors. If you’re a pro — “in the trade or business of gambling,” as the IRS puts it — different rules ...
Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can’t claim losses that total more than your gains. So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses.
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